On 3 February 2014, HMRC released selected draft guidance notes covering the obligations for UK Financial Institutions under the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014 ("UK FATCA").
These guidance notes are designed to aid UK Financial Institutions in understanding their obligations under UK FATCA, including the requirement to report on certain individuals and entities resident in the Crown Dependencies and Gibraltar on a periodic basis.
These guidance notes are designed to be read in conjunction with guidance notes for the Implementation of US FATCA released in August 2013. As such, these notes primarily detail the differences in the new reporting obligations that will be faced by UK Financial Institutions under UK FATCA.
The HMRC webpage on International agreements to improve tax compliance can be found here and the draft guidance notes can be accessed here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
